News Release 03/11/14

GASB TOOLKIT HELPS STATE AND LOCAL GOVERNMENTS IMPLEMENT NEW Pension ACCOUNTING STANDARDS

Norwalk, CT, March 11, 2014—A new online pension implementation toolkit was released today by the Governmental Accounting Standards Board (GASB). The toolkit is designed to help preparers, auditors, and users of state and local government financial reports understand and apply the revised pension accounting and financial reporting standards that the GASB approved in June 2012. The toolkit is available at no cost at the GASB website.

“The GASB is committed to providing our stakeholders with a full array of resources to assist in their understanding and implementation of the pension standards,” said GASB Chairman David A. Vaudt. “This toolkit highlights key implementation issues and provides guidance on how preparers and auditors of state and local governments can effectively comply with the requirements.”

Prepared by the GASB staff, the toolkit includes the following resources:

The Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting for Pensions, an authoritative resource guide

The executive summary and full text of GASB Statements No. 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement No. 27, and No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date—an amendment of GASB Statement No. 68

An article identifying several areas public officials should consider as they plan, prepare, and collaborate when implementing the new standards, and

A “Setting the Record Straight” document addressing common misperceptions about the new pension standards.

GASB Statement 68 revises existing guidance for accounting and financial reporting for pensions that are provided to the employees of state and local governmental employers. GASB Statement 71 eliminates a potential source of understatement of restated beginning net position and expense in a government’s first year of implementing Statement 68. Governments are required to implement the new accounting standards in fiscal years beginning after June 15, 2014.

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website, www.gasb.org.